(Neb.)- NPPD Says Wells Fargo Misled It About Risks
COLUMBUS, Neb. (AP) - NPPD's retirement plan says Wells Fargo misled it about the risks associated with a securities lending investment program. Nebraska Public Power District sued the San Francisco-based bank for $1.5 million. The lawsuit was moved from Nebraska courts to federal court this month. NPPD says Wells Fargo marketed its securities lending program as a conservative option for the retirement funds of 2,400 people. But instead of the $140,000 in additional returns the bank projected, NPPD's retirement fund lost money. Wells Fargo filed a petition to move the lawsuit to federal court, but it hasn't responded directly to NPPD's allegations. The bank has until Dec. 10 to reply in court. The Columbus Telegram reports (http://bit.ly/Tqg7Cn ) NPPD opted out of a class-action lawsuit investors filed against Wells Fargo over its securities lending program.
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